REG - Rockhopper Exp plc - Sea Lion Project Update

Rockhopper ExplorationAnnouncement

22/08/2019 07:05

RNS Number : 8937J
Rockhopper Exploration plc
22 August 2019
 


22 August 2019   
Rockhopper Exploration plc
("Rockhopper" or the "Company")
 
Sea Lion Project Update
 
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide a progress update regarding its Sea Lion development (the "Project"), in line with updates being provided today by Premier Oil plc (Project operator).
 
Highlights
 
·   Through the post-FEED optimisation process, the Project has been substantially de-risked from a technical, cost and schedule perspective
 
·    Resources to be developed in Phase 1 of the Project have increased from 220 to 250 million barrels (gross) with associated capex to first oil estimated at approximately US$1.8 billion (gross)
 
·    Key service and supply contracts are nearing final agreement in preparation for execution at Project sanction
 
·    Continued focus on securing senior debt funding ahead of final investment decision
 
·    Preliminary Information Memorandum ("PIM") and comprehensive set of independent expert reports, which formed the basis of a financing guarantee application package for the senior debt component of the Project financing, were submitted to potential senior lenders including export credit agencies in July 2019
 
Sam Moody, CEO of Rockhopper, commented: 
 
"The Project continues to build momentum with significant progress being made across key areas, all with the aim of moving into the execution phase post sanction. The PIM submission in late July has kicked off the formal application process for the senior debt financing guarantees for which we expect initial feedback in Q4 2019."
 
Enquiries:
 
Rockhopper Exploration plc
Sam Moody - Chief Executive
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
 
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
 
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
 
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
 
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
 
 




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